Settlement over cash advance scheme asking 448% interest levels to profit Pennsylvanians

Settlement over cash advance scheme asking 448% interest levels to profit Pennsylvanians

CDPauling

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HARRISBURG — Victims of predatory payday loans online often see some relief after a settlement with Think Finance, a national online payday loan provider, as well as an associated personal equity company. The firms allegedly designed a $133 million unlawful online payday loan www.tennesseetitleloans.net scheme that targeted as much as 80,000 Pennsylvania clients.

The settlement will void all staying balances in the loans that are illegal.

Pennsylvania is among the leading creditors that negotiated this settlement that is comprehensive Think Finance included in its bankruptcy plan, which can be pending approval prior to the Bankruptcy Court and subsequent approval by the U.S. Eastern District Court of Pennsylvania.

In belated 2014, the Pennsylvania workplace of Attorney General sued Think Finance, Inc. and Chicago-based equity that is private Victory Park Capital Advisors, LLC, and different affiliated entities. The suit alleged that between 2011-2014, three internet sites operated by Think Finance—Plain Green Loans, Great Plains Lending and Mobiloans—allowed borrowers to register for loans and credit lines while recharging effective interest levels since high as 448 %.Continue reading